Kane County Attorneys for Tax Implications in Divorce

Kane County Divorce Tax Consequences Attorney

Taxes Implication of Divorce Lawyers Serving Geneva, Aurora, and St. Charles

Getting a divorce has a number of tax implications, and many of them are not for the better. Understanding how your divorce will impact your tax liability can help you create a strategy to minimize your taxes. It is important to hire an attorney who is not only skilled in handling divorces, but is also well-versed in tax law.

At the Kane County divorce law firm of Goostree Law Group, we are knowledgeable about tax law and divorce. Our attorneys advise our clients on how to minimize tax consequences and maximize tax advantages during the marriage dissolution process. We strongly advocate for our clients' interests throughout the divorce proceedings.

Tax Strategies While Divorce is Pending

Throughout the divorce process, spouses are still legally married. This can raise questions about how to best file your taxes when your divorce is not yet finalized. It is sometimes best, from a financial standpoint, to file income taxes jointly during the divorce proceedings. It is easiest to do this when spouses can work together amicably, but a judge can also rule on how taxes should be filed in a contentious divorce. Sometimes, a judge will order that taxes are filed jointly to preserve more of the marital estate.

Tax Implications of Divorce Settlements

Taxes can impact virtually every decision that is made in negotiating a divorce settlement. A skilled attorney will factor in all possible tax implications to make sure his or her client is in the most favorable position. Our attorneys are mindful of how taxes will affect various divorce matters, including:

  • Property division - When dividing assets in divorce, it is important to consider how taxes will impact the distribution. Two seemingly equivalent assets may be taxed differently, which would affect their intrinsic value. How assets are transferred can also have tax consequences.
  • Alimony/maintenance – Spousal support payments are taxable income to the recipient, and they are deductible for the payer.
  • Child custody – The custodial parent of a child is usually the one who is permitted to take the dependency exemption. Other tax advantages may also be available including the Child Tax Credit and the Child and Dependent Care Credit.

If you are planning a divorce or have already begun divorce proceedings and have questions about the tax implications, contact us at 630-584-4800 to schedule a free consultation. Our attorneys will go over your specific financial circumstances, answer your questions, and provide our experienced recommendations on how you can minimize your tax liability. We work with clients all over Northern Illinois including Kane County and the surrounding areas.

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Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

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